There was a time when a store accepting crypto payments was not the norm. In fact, it was completely ridiculous. There have been many companies that have been interested in accepting digital assets as forms of payment due to their volatility, but according to a new survey by financial giant Deloitte, as many as 75 percent of US companies Retailers are planning To accept payments in digital currency within the next two years.
Crypto payments are becoming more and more popular
Such moves are sure to push the goals of Bitcoin and its digital counterparts closer to achieving them. What many people likely forget is that while Bitcoin and many of its crypto cousins have taken on either speculative or even hedging-like positions in recent years, many of them were initially designed to serve as payment instruments. It was designed to push checks, credit cards, and fiat currency to the side, but this was a relatively slow ride due to price fluctuations that kept dragging it down.
It is very difficult to understand when the price of Bitcoin and its family of cryptocurrencies will rise or fall. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to some extent, we can’t blame them.
Consider the following scenario: Someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t exchange bitcoins for fiat currency right away and goes about 24 hours. From there, the price of BTC drops to $50 and $40. The customer has to keep everything he bought, but the store eventually lost money. Is this a fair situation? Not everyone thinks so.
Today we witness one of the biggest examples of this volatility. For example, bitcoin has been trading at a new all-time high of around $68,000 per unit just nine months ago in November. Now, however, the coin is struggling to maintain a position in the lower $20,000 range. Overall, the crypto industry has lost nearly $2 trillion in overall valuation in the past few months.
It’s an ugly sight, and yet this latest news regarding corporate payment systems is very promising and indicates that retailers are starting to lose their fear in the growing digital currency arena. They are also beginning to understand the primary purposes of bitcoin and digital currencies, and are trying to turn them into usable tools that everyone can benefit from.
Is cryptocurrency heading into the main territory?
In a report detailing the survey results, Deloitte wrote:
We expect additional partnerships with well-established and regulated institutions in the industry to help deliver the benefits of digital currencies (eg, convenience and support) and will continue to build the necessary foundation for trust.
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